At the time of writing, New South Wales is in a period of lockdown without a certain end date. In the meantime, we deliver you bite-sized information we hope will be useful to your business and making the right choices.

Business Turnaround Experts

It is likely that many businesses will be looking for consultants, and specifically turnaround experts, as they try to cope with the effects of lockdown on their business which includes their asset base, streams of income and business model. In considering this, businesses should find solutions appropriate to their business model and financial position, as this varies widely from business to business and place to place. They will have to deal with customers and suppliers as well as the business, giving reassurances that their needs will be met.

Making Decisions Amidst Uncertainty

COVID-19 has created many challenges for businesses regardless of their size and scope. These challenges have placed a strain on many people in both personal and professional spheres. Amidst uncertainty and crises, there have been shining examples of leadership as well as examples of dismal failure, be it in politics, business and other areas of life.

Many businesses have been forced to make difficult decisions that impact on the lives of staff as well as the operations of the business. This is also related to such issues as restructuring and work culture and coping with the challenges faced. Businesses must deal with fear and uncertainty that has crept in at personal and professional levels. Some business leaders have responded energetically to challenges while others have been paralysed by fear. This also creates different perceptions about leadership reactions.

Growing Number of SMEs look to Restructure.

Many businesses are seeking restructuring in challenging times. However, only a minority of businesses are seeking advice beyond tax and compliance. Brokers and accountants play a key role in the process. Many SMEs are still uncertain of the responses they plan on taking in order to ensure their recovery.

Accountants and brokers have ample opportunities for engagement with clients and provide solutions pertaining to such matters as cash flow, and options offered to businesses in terms of restructuring. Besides this, SMEs are also expected to focus on both existing and new clients.

Feel free to contact the insolvency and recovery experts at ‘What is Liquidation’ for a 1 hour free consultation, with solid accounting and insolvency law experience our consultants will be able to provide the right guidance and advice.

References
Hall and Wilcox
In The Black
Accountants Daily

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